Worth Watching: Could Microchip Technology Inc. Change Direction After Making All-Time High?

Worth Watching: Could Microchip Technology Inc. Change Direction After Making All Time High?

The stock of Microchip Technology Inc. (NASDAQ:MCHP) reached all time high today, Nov, 8 and still has $86.95 target or 37.00% above today’s $63.47 share price. This indicates more upside for the $14.12B company. This technical setup was reported by Barchart.com. If the $86.95 PT is reached, the company will be worth $5.22B more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 1.30 million shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 23.78% since April 5, 2016 and is uptrending. It has outperformed by 21.83% the S&P500.

Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage

Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 9 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 75% are positive. Microchip Technology has been the topic of 21 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was maintained by JP Morgan on Tuesday, August 9 with “Overweight”. Drexel Hamilton downgraded the stock to “Buy” rating in Monday, August 24 report. The company was initiated on Friday, September 30 by Mizuho. On Tuesday, August 9 the stock rating was maintained by Jefferies with “Buy”. The firm earned “Buy” rating on Wednesday, August 5 by Jefferies. The company was upgraded on Tuesday, September 8 by JP Morgan. On Saturday, August 8 the stock rating was maintained by Jefferies with “Buy”. The firm has “Buy” rating given on Tuesday, November 8 by Needham. The rating was upgraded by B. Riley & Co on Thursday, November 5 to “Buy”. The firm has “Buy” rating by Needham given on Friday, January 15.

According to Zacks Investment Research, “Microchip Technology, Inc. develops and manufactures specialized semiconductor products used by its customers for a wide variety of embedded control applications. Its product portfolio comprises microcontrollers; application-specific standard products; and related mixed-signal and memory products. The company markets its products to the consumer, automotive, office automation, communications and industrial markets.”

Insitutional Activity: The institutional sentiment increased to 1.57 in 2016 Q2. Its up 0.41, from 1.16 in 2016Q1. The ratio improved, as 30 funds sold all Microchip Technology Inc. shares owned while 163 reduced positions. 67 funds bought stakes while 236 increased positions. They now own 214.90 million shares or 2.05% more from 210.57 million shares in 2016Q1.
M&T National Bank & Trust has 436,007 shares for 0.15% of their US portfolio. Exchange Management Inc accumulated 178 shares or 0% of the stock. Dubuque Savings Bank & Tru has 0% invested in the company for 416 shares. Engineers Gate Manager Limited Partnership has 0.03% invested in the company for 7,306 shares. The Minnesota-based Us National Bank De has invested 0.07% in Microchip Technology Inc. (NASDAQ:MCHP). D E Shaw reported 43,018 shares or 0% of all its holdings. Hsbc Public Ltd Liability Corp accumulated 342,832 shares or 0.05% of the stock. Moreover, Northwest Investment Counselors Lc has 0.75% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 26,986 shares. Nicholas Company Wi accumulated 467,315 shares or 0.48% of the stock. Asset Inc owns 8,121 shares or 0.08% of their US portfolio. Kcg Holdg Incorporated has 51,999 shares for 0.05% of their US portfolio. Trexquant Investment Lp last reported 0.03% of its portfolio in the stock. Hightower Limited Liability Corporation accumulated 9,170 shares or 0.01% of the stock. Sumitomo Mitsui Trust Holdg accumulated 0.05% or 585,328 shares. Moreover, Eaton Vance Mgmt has 0.1% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 656,141 shares.

Insider Transactions: Since May 20, 2016, the stock had 0 insider purchases, and 17 insider sales for $20.17 million net activity. 10,000 shares were sold by MOORTHY GANESH, worth $516,905 on Wednesday, June 1. SIMONCIC RICHARD J also sold $130,494 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares. CHAPMAN MATTHEW W sold $479,200 worth of stock. LITTLE MITCHELL R also sold $148,030 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares. 4,454 Microchip Technology Inc. (NASDAQ:MCHP) shares with value of $271,471 were sold by DREHOBL STEPHEN V. 45,000 shares were sold by SANGHI STEVE, worth $2.32 million. $90,751 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by MEYERCORD WADE F on Friday, August 12.

MCHP Company Profile

Microchip Technology Incorporated, incorporated on February 14, 1989, is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The Firm operates through two divisions: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. The Company’s functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance.

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